Foreign investment, black economic empowerment and militarised patronage politics in Zimbabwe

This paper seeks to analyse Zimbabwe's economic empowerment policy. It argues that while there is a felt need for Zimbabwe to redress colonially induced injustices and racial imbalances in the ownership of the means of production, a ‘one-size-fits-all’ approach to the indigenisation of the economy is fundamentally flawed as it deters investors and may further damage the country's already extremely fragile economy. The implementation of the land reform programme contributed to the decline of Zimbabwe's economy: lessons learnt from the programme and related economic policies of the past 15 years highlight the problems of empowerment policies that are intertwined with patronage politics. The government's negation of basic economic principles and failure to open spaces for critical engagement with all relevant stakeholders epitomises an ill-advised indigenisation and economic empowerment strategy. The policy will not promote and retain foreign investment;nor are there sustainable prospects of internally oriented accumulation strategies on the horizon.